Consumer utility maximizing choices

Assignment Help Basic Computer Science
Reference no: EM131220286

A consumer has a utility function: u(x1, x2) = ax1 + bx2, where a and b are positive numbers. The consumer has an income m = 10 and can buy goods at the prices (p1, p2) = (2,1). What are the consumer's utility maximizing choices subject to the budget constraint when a/b = 3, a/b = 2, and a/b = 1?

Reference no: EM131220286

Questions Cloud

Uncollectible accounts consistent with the increase in sales : How much of accounts receivable was written off during 2014? Use a T-Acct to figure this out. What was the amount of cash collected on receivables during 2014? Use a T-Acct to figure this out. Are estimated uncollectible accounts consistent with the ..
Equation for equilibrium i in the goods market : Derive an equation for equilibrium i in the goods market. Write in words how the interest rate is determined by loanable funds in the goods market.
Trade between the two countries : Explain how two large countries involved in a tariff war can reach a tariff distorted equilibrium in which there is still some trade between the two countries.
Operating section of statement of cash flows reconciliation : How much of accounts receivable was written off during 2014? Use a T-Acct to figure this out. What was the amount of cash collected on receivables during 2014? Use a T-Acct to figure this out. Why is the "bad debt expense" added to net income in the ..
Consumer utility maximizing choices : A consumer has a utility function: u(x1, x2) = ax1 + bx2, where a and b are positive numbers. The consumer has an income m = 10 and can buy goods at the prices (p1, p2) = (2,1). What are the consumer's utility maximizing choices subject to the bu..
Show the new budget constraint : Suppose the budget is $60 and the price of books is $20 and the prince of movies is $10. Draw the budget constraint. Change the price of books to $15 and show the new budget constraint.
How will you collect the necessary data for the report : Where will you collect the data you need to prepare the report? How will you collect the necessary data for the report? What will the report look like? Prepare an accounts receivable aging report in excel or another spreadsheet package?
Calculate the minimum labor cost for each segment : Minimum Material Cost Calculate the minimum Material Cost per segment using the following equation and table below: Minimum Material Cost = [(Lowest Acceptable MTBF * 0.30) / 1000] + Trailing Edge Position Cost Material Position Component Costs Trail..
What class of compounds is this characteristic and why? : At pH 9.2, seconal absorbs at 239 nm. At pH 13, the absorbance shifts to 254 nm. Of what class of compounds is this characteristic and why? Three compounds were found to have the same empirical formula, that is the same number of carbons, hydrogens, ..

Reviews

Write a Review

Basic Computer Science Questions & Answers

  Priority queue implementation

Write your own implementation of a priority queue of integers: a priority queue maintains its elements sorted. The operations that you need to provide are inserting an integer, removing an integer, checking if a given integer is already contained ..

  How this locking algorithm works

Search the Web for "distributed two-phase locking." Find a tutorial on that topic and explain, in general terms, how this locking algorithm works.

  Create an array of five shippedorder objects

Create 4 Order class fields: order number, customer name, quantity ordered, and total price. Create public accessors for each field except total price.

  Write a c program to draw an analog clock

Write a c program to draw an analog clock. Simulate the movement of needles.

  Explain how rsa algorithm works

Use the example to illustrate how RSA algorithm works. Deciper following ciphertext, that was enciphered using Caesar cipher.

  You were recently hired by a company which is spread over

you were recently hired by a company that is spread over several buildings along several city blocks and uses a man

  Instances of attribute minimization

Describe attribute minimization. Explain what would happen if you tried to validate a page containing instances of attribute minimization. Propose a solution to this problem.

  Give a brief job description

List 5 different types of careers in the cyber security field. Give a brief job description.

  Task manager to recognize and troubleshoot problems

Which system resources are probable to be at root of problem? How can you use system tools, like the Task Manager, to help recognize and troubleshoot these problems?

  Evaluate the quadratic expression

Construct a class that will model a quadratic expression (ax2+bx+c). In addition to aconstructor creating a quadratic expression, the following operations can be performed:

  Should it be the scanner or the parser

Each has an opportunity to do so. Is there an interaction between this issue, declare before- use rules, and disambiguation of subscripts from function calls in a language with the Fortran 77 ambiguity?

  Revise the implementation of the adt binary search tree

Revise the implementation of the ADT binary search tree to add this new feature by adding the data member last Accessed to the class.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd